IWM Leads...SPY, FB at Horizontal Resistance...ANR, GOOG Breakout...AAPL Weak...

Eight of nine sectors moved higher on Friday… XLB, XLF, and XLE were the strongest sectors.   XLK was the weakest sector. 

Breadth strengthened on Friday as advancers led decliners…3.30 to 1 on the NYSE and 1.84 to 1 on the NASDAQ…

Friday – strengthened, advancers led

Thursday – weakened, advancers led

Wednesday – strengthened, advancers led

Monday- strengthened, advancers led

After a pause on Thursday, SPY moved to a new high close at horizontal resistance from September.  At resistance traders should watch closely for prices to rollover and be prepared to protect profits, while at the same time be prepared to continue with the uptrend if a breakout of resistance occurs.

SPY up 64 cents at 146.37...volume 116.8 million shares…

VIX down .73 at 13.83…
TNX up .16 at 19.15…

TLT up 46 cents at 118.40…
XLF up 20 cents at 17.05…volume 44.5 million shares

AAPL down 15.10 at 527.00…volume 21.2 million shares …

FB up 99 cents at`28.76…on volume of 72.7 million shares…

__________________

Technical Commentary:

The SPY made a new high close at resistance on Friday and did not confirm the potential bearish harami candle pattern formed on Thursday.  IWM continues to lead the broad ETFs and broke through resistance on Wednesday.  Like SPY many stocks including FB are at horizontal resistance in a breakout setup.  Some stocks like ANR, GOOG, YELP or ZION broke through resistance on Friday and gave fresh entry signals.

Trade what you see on the chart of your position.  If it is breaking out of resistance take the trade or stay with the uptrend according to your rules.  If the stock begins to rollover protect your profits.

The Euro gained 10 pips to close at 1.3060 on Friday and formed a hammer candle pattern.

Disk storage stocks WDC -0.33% and STX +0.22% continued to pause and formed a potential hanging man and doji candle patterns.  Coal stocks ANR +2.27%, ACI +4.50%, BTU +2.25%, CNX +1.57%, JRCC +0.29% and WLT +1.04% continued to gain on Friday.

The Market Forecast Green Line is pointed up in the upper reversal zone. 

____________________

Setups

Breakout:  ADBE, ADSK, BRCM, FB, NTAP, QCOM, CIEN, CREE, CRM, GLW, IBM, JNPR, NFLX, RCL, ACI, BTU, CTRP, DECK, FSLR, GMCR, JOY, JRCC, NKE, TRIP, WAG, WLT

Moves

Breakout: FOSL, GOOG, SNDK, ANR, YELP, ZION

____________________

59 of 100 NDX stocks closed higher and two unchanged on Friday…

Leading NDX 100 stocks included:  FB, NVDA, EXPE, FOSL, MYL, GOOG, VOD, EXPD, VIAB, CA

Lagging NDX stocks included:  AAPL, GOLD, MSFT, MXIM, ADI, QCOM, ROST, XLNX, BIIB, AKAM

Leading stocks> +2% on Friday included:  LDK, YELP, RIMM, AKS, UAL, FAS, ATI, MOS, GRPN, LVS, ZION, STI, GS, UNG, PHM, RVBD, C, TPX, ANR, ICE,

Lagging stocks < -2.0% included:  TSL, FAZ, CRUS, SWKS, FSLR

Stocks to Watch on Monday…

Holding Above 30 DMA = 85
YHOO, SBUX, CSCO, NTAP, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, ESRX, EXPE, LINTA, MU, MXIM, MYL, NVDA, SRCL, SYMC, VRTX, WFM, WYNN, XRAY, PRGO, FB, ALXN, AMGN, BMC, CA, CELG, CERN, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, REGN, ROST, SPLS

Moving Above 30 DMA =4

ATVI, ORLY, PAYX, VOD

Moving Below 30 DMA = 2

MNST, MSFT

Staying Below 30 DMA

AAPL, BIIB, MAT, DLTR, BBBY, ISRG, AVGO, SHLD, GOLD

Seventeen Week Intermediate Term Market Trend: Neutral at Resistance

Short Term Market Trend: Up